Crypto Stock With Support in Place

RIOT is up almost 190% since the start of the year

Deputy Editor
Nov 14, 2023 at 1:46 PM
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Riot Platforms Inc (NASDAQ:RIOT) is taking a small breather on the charts after running up to the $12 level for the second time this month, though a consistent floor at the $9 level lingers below as support. Now on track for its fourth day of losses in the last five, the equity is still outperforming with an 188.2% year-to-date lead. 

Plus, this most recent pullback has RIOT within striking distance of a historically bullish signal. The stock is now within one standard deviation of its 260-day moving average for the third time in the past three years. According to data from Schaeffer's Senior Quantitative Analyst Rocky White, RIOT was higher one month later after both of the past signals, averaging an 8.3% return. 

RIOT Nov14

An unwinding of short interest could create additional tailwinds. The 36.49 million shares sold short account for 18.6% of the stock's available float, leaving plenty of pent-up buying power. 

 

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